ECON 1110 Lecture Notes - Lecture 13: Physical Capital, Social Capital, Retained Earnings
4 Feb 2016
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Lecture #13 input demand capital october 6, 2015. Capital, investment, and depreciation: capital those goods produced by the economic system that are used as inputs to produce other goods and services in the future. Physical (tangible) capital, social capital and intangible. Physical capital capital: material things used as inputs in the production of future goods. Nonresidential structures, residential structures, durable and services equipment, assembly line, inventories. Social capital (infrastructure: capital that provides services to the public. Public works roads, bridges, tunnels, turnpikes. Public services police, fire protection, etc. Intangible capital and services: nonmaterial things that contribute to the output of future goods. Human capital skills, abilities and knowledge that workers have or acquire through education and training that yields valuable services to a firm over time. Capital stock: for a single firm, the current market value of the firm"s property,
